Posted on 12/03/2009 3:33:11 PM PST by rabscuttle385
Ben S. Bernanke used a hearing for his reconfirmation as Federal Reserve chairman on Thursday to express concern about legislation that would put the Fed on a tighter leash and let Congress “second-guess” its decisions.
Mr. Bernanke’s chief concern was a proposal by Representative Ron Paul, Republican of Texas, to “audit the Fed.” The amendment to the House of Representative’s bill overhauling financial regulation would submit the Fed to audits of its decisions concerning monetary policy.
“To be very, very clear, I in no way object to — in fact I welcome — transparency about the Fed’s activities and the Fed’s financial position, both to the public and to the Congress,” Mr. Bernanke said at the hearing Thursday morning. “I am, however, concerned with the auditing of monetary policy.”
(Excerpt) Read more at dealbook.blogs.nytimes.com ...
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Audit my butt, end the Fed now
A lot of nerve banana ben has he has failed the mandate miserably to say the least I am glad he took a good beat down today now if they would just fire him and End the Fed but they won’t he is doing obamageddon’s bidding print, print, print so he can pay back all his cronies a tit for a tat since bernanke paid off all his bankster buddies.
http://www.businessinsider.com/video-jim-bunning-rips-bernanke-a-new-one-2009-12
Welcome to the real world, Ben. Wait until they start second guessing your doctor.
How anybody can take this lying sack of sh*t seriously is beyond me.
That too
One, no they are not acting to accomodate the treasury. No net increase in treasury position in the crisis - just a shift to direct loans to the banks, and back. See -
Two, all the actual broad money expansion was over by October of 2008 - before the election - and the Fed has not been "printing" since, to accomodate the treasury or for any other reason.
Three, all its crisis actions were in fact directed at aiding the private banking system, which is what needed the support. It wasn't the treasury that couldn't sell its debt last year.
But you have an ideological script and facts form no part of it. You expect things because your ideological instructors told you to, and a slanderous media repeats them endlessly because it likes anything that attacks American capitalism.
How anyone supporting a centrally controlled monetary system can call themselves a capitalist is beyond me.
Because the little people need not know what these unelected thugs are doing to the dollar they work so hard to earn, right?
I don't think that's the issue...When the Gov takes more and more of my money and gives it to the Fed to disperse, I'd like to know where my money is going...
The International Monetary Fund (the World Bank), the Fed and the Treasury are connected like fingers to a hand...But yet they are disconnected from the average American citizen....
When they give my money to Palestinian terrorists or Hugo Chavez, I demand that they explain to me why it's in my best interest to do so...And if I don't understand, they need to keep explaining til I do...Or get out...
And when they give my money to the failures at the financial institutions, they again need to explain to me why that is in my best interest...And if they can't to my satisfaction, out they go...
“The G.A.O. would be empowered to come in, essentially immediately after a policy decision, to look at all the policy materials prepared by staff, to interview members and to basically second-guess the Fed’s decision in very short order,” he said. “My fear is that if we take what could be an unpopular step, Congress will order an audit, which would be a way of applying pressure, or perceived as a way of applying pressure, to our policy decisions.”...Ben Bernanke
Why would an audit by Congress of a sound but unpopular decision made by the Fed be looked upon as anything but helpful?
Only when the decision made can't be supported by the facts would an audit by Congress be looked upon as undue political pressure.
ex animo
davidfarrar
The government takes your money and gives it to the Federal Reserve? On what planet?
When the Fed raises rates to fight inflation and Barney Frank thinks lower rates would be better to promote low income home ownership, that could result in undue political pressure.
Getting Congress involved would be "helpful"? You can seriously say that with a straight face?
So where does the Fed get it's money that it loans to the U.S.???
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